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Market Matters:

Futures Lower As Trade Issues Front And Center
by Geoff Garbacz & Staff Writers

September 11, 2018

In After Hours Trading

IPOs 5 on deck this week. Secondaries of note .

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES CASY +.23. FLAT: MISSED: MATX -.04 SONS -.30.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -8, Dow Jones -118, NDX -22 and Russell 2000 -4.50 with fair values lower reducing losses. Asia higher and Europe lower.

Gold flat with silver and copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.53 with yields higher since last Friday. Prices as of 7:05 a.m. EDT.

Top Sectors Conglomerates and Technology.

Weak Sectors Materials.

One month winners Healthcare,Consumer Goods, Services and Technology.

Three Month Winners Healthcare, Consumer Goods, Services and Technology.

Six Month Winners Conglomerates, Services and Technology.

One Year Winners All except for Utilities.

Year To Date Conglomerates, Healthcare and Services.

Earnings Expected

Earnings due after the close (by avg. trade volume): FARM.

Earnings due Wednesday morning: none of note.

Rags & Mags: Inside Wall Street

Hedge fund manager Ray Dalio says economy is in the 7th inning of the current cycle. (CNBC)

Mandatory evacuations for millions in the Carolina. (AP)

Former Tesla (TSLA) bull at Nomura says company no longer investible thanks to Elon Musk's behavior. (Bloomberg)

The rise and fall of CBS CEO & Chairman Leslie Moonves. (NYT)

U.S. and allies may strike Syria. (WSJ)

CNN and major networks/cable to cover 9/11 observances.

Reported Earnings This Morning

Reported This Morning: SURPRISES . FLAT: MISSED: FRAN -.03

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: GIII.

Positive Guidance: NAV.

Data Points

Yesterday saw 1754 stocks rise and 1107 fall on the NYSE. NASDAQ saw 1577 rise and 1418 fall.

The SP 500 is above its 50 day exponential moving average and is above its 200 day exponential moving average. The Russell 2000 is above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is now a buy. The Madison Market Timing Indicator is still invested.

YTD 55% of stocks are higher and 45% are lower. Updated 8/31/18 close.

Economics

NFIB Small Business Optimism Index came in at 108.80 from 107.9 this morning.

JOLTS Job Openings are due out at 10:00 a.m. EDT and last month came in at 6.62 million.

Politico

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, ALNY KMT HPQ DOV NXPI PNW .

Morgan Stanley Healthcare Conference.

Credit Suisse Global Steel and Mining Conference.

Raymond James North American Equities Conference.

Conference of Note

The Annual ECIM International E&P Data and Information Management Conference and User Meeting.

Gartner Security & Risk Conference.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs ENDP ECR DRI BLMN   MNK CNX WING 
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch RUN PAGP    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Bernstein    
Needham    
Raymond James    
Stifel    
Piper Jaffray    
Bernstein    
Moffet Nathanson    
Robert W. Baird    
Cowen    
Sun Trust RH EXC   
MKM    
Sandler O'Neil    
Keefe Bruyette    
Cantor Fitzgerald    
CIBC    
Dresnder    
Nomura    
HSBC Securities    
Cowen  
William Blair    
BNP Paribas    
B. Riley    
Kaufman  
Brean Murray    
JMP Securities    
Wedbush    
Argus    
CLSA    
BB&T    
ING    
Roth    
Janney Montgomery  
Susquehanna    
Think Equity    
Merriman    
Cantor Fitzgerlad    
BMO Capital  
Benchmark    
Jesup & Lamont    
Macquarie    
Canaccord Adams    
Evercore    
MKM    
Bernstein    
CLSN    
Guggenheim    
Auriga    
Stephens    
BTIG    
Global Hunter    

 

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